St. Mary Magdalene Parochial Church Council Income and Expenditure for the year ended 31st December
The Parochial Church Council of the Ecclesiastical Parish of St. Mary Magdalene, Sutton in Ashfield
Registered Charity Number 1134798
Accounts for Year Ending December 31st 2024
St. Mary Magdalene Parochial Church Council Income and Expenditure for the year ended 31st December
| INCOME VOLUNTARY DIRECT GIVING Gif Aid Tax Recovered Pledges Collectons Donatons Bequests Grants EVENTS AND ACTIVITIES Fundraising Events For Fabric Fund(inc. Gif Aid) For Charites and Missions Priest Discretonary Fund Foodbank (inc. GifAid) Churchyard & Bench Fund Children & Family FEES Weddings and Funerals Bell Fund Choir Fund Organ Fund Fees SDBF/Organist/Vergers/etc. Ch. Young Family Worker TRADING Books and Candle Sales Parish Ofce INCOME FROM INVESTMENTS Trust income Interest Grosvenor Investment TOTAL INCOME FOR THE YEAR* |
Unrestricted £ Restricted £ 2024 £ 2023 £ 33,484.33 33,484.33 30,201.48 8,866.93 0.00 8,866.93 8,012.28 7,351.38 7,351.38 5,393.00 2,888.03 2,888.03 4,034.89 1,379.96 0.00 1,379.96 2,165.16 0.00 0.00 0.00 0.00 0.00 0.00 3,000.00 |
|---|---|
| 53,970.63 0.00 53,970.63 52,806.81 2,043.96 2,043.96 2,022.46 6,011.55 6,011.55 9,722.30 658.64 658.64 371.31 336.00 336.00 704.00 8,017.25 8,017.25 9,949.19 11.70 11.70 0.00 5950.01 5950.01 618.02 |
|
| 2,043.96 20,985.15 23,029.11 23,387.28 4,077.00 4,077.00 6,727.00 342.18 342.18 1,024.38 596.59 596.59 1,033.00 3,487.58 3,487.58 7,232.60 12,185.00 12,185.00 18,846.00 29,344.68 29,344.68 14,222.34 |
|
| 16,262.00 33,771.03 50,033.03 49,085.32 752.77 752.77 927.66 10.00 10.00 15.44 |
|
| 762.77 0.00 762.77 943.10 316.88 30.00 346.88 346.60 342.04 342.04 0.00 1,682.39 1,682.39 3,678.65 |
|
| 658.92 1,712.39 2,371.31 4,025.25 73,698.28 56,468.57 130,166.85 130,247.76 |
TOTAL INCOME NET OF STATUTARY FEES PAYABLE TO DIOCESAN BOARD OF FINANCE Statutory fees paid directly to DBF TOTAL INCOME NET OF FEES 73,698.28 56,468.57 130,166.85*
*Note: it is permissible to 'net off' the statutory fees paid directly to the Diocesan Board of Finance (SDBF), however, this is not done as part of our current accounting procedure. An extra statement has therefore been included in these accounts to represent the net income to the PCC. This figure represents the true income to the PCC in accordance with SORP recommended practice 2005.
Page 1
St. Mary Magdalene Parochial Church Council Income and Expenditure for the year ended 31st December
| EXPENDITURE | Unrestricted | Restricted | 2024 | 2023 | ||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| GRANTS AND CHARITABLE GIVING | ||||||
| Church Overseas Missions | 0.00 | 0.00 | 0.00 | |||
| Overseas Relief Agencies | 0.00 | 432.00 | 432.00 | 371.31 | ||
| Home Missions | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Secular Charites | 0.00 | 0.00 | 0.00 | |||
| 0.00 | 432.00 | 432.00 | 371.31 | |||
| SUPPORT COSTS | ||||||
| Adult Training Courses | 200.00 | 200.00 | 80.89 | |||
| Family worker | 28,695.59 | 28,695.59 | 20,608.86 | |||
| Children & Family Work | 2,099.41 | 2,099.41 | 1,941.89 | |||
| 200.00 | 30,795.00 | 30,995.00 | 22,631.64 | |||
| MINISTRY | ||||||
| Parish Share | 45,000.00 | 45,000.00 | 36,000.00 | |||
| Clergy Working Expenses | 0.00 | 0.00 | 180.00 | |||
| Lay Working Expenses | 0.00 | 0.00 | 0.00 | |||
| Priest Discretonary Fund | 184.00 | 184.00 | 322.98 | |||
| 45,000.00 | 184.00 | 45,184.00 | 36,502.98 | |||
| CHURCH | ||||||
| Utlites | 3,304.53 | 3,304.53 | 2,867.56 | |||
| Insurance | 4,044.75 | 4,044.75 | 3,960.65 | |||
| Minor Repairs & Maintenance | 0.00 | 880.42 | 880.42 | 1,598.98 | ||
| Churchyard Maintenance | 0.00 | 0.00 | 0.00 | |||
| Upkeep of Services | 538.80 | 538.80 | 433.45 | |||
| Choir & R.S.C.M. | 137.00 | 137.00 | 127.00 | |||
| Organist (donated to Fabric Fund) | 2,300.00 | 2,300.00 | 2,957.50 | |||
| Organ maintenance/relief organist | 139.20 | 139.20 | 0.00 | |||
| Bells | 456.00 | 456.00 | 559.00 | |||
| Event Expenses | 0.00 | 0.00 | 157.15 | |||
| Magdalene Centre | 0.00 | 0.00 | 3,191.77 | |||
| Major Repairs & maintenance | 0.00 | 0.00 | 0.00 | 15,504.25 | ||
| Fees to SDBF/Organist/Vergers/etc. | 10,481.00 | 10,481.00 | 16,928.75 | |||
| Grosvenor | 0.00 | 0.00 | 0.00 | |||
| 20,669.08 | 1,612.62 | 22,281.70 | 48,286.06 | |||
| CHURCH MANAGEMENT AND ADMINISTRATION | ||||||
| Donaton Card Reader | 20.40 | 20.40 | 529.75 | |||
| Printng Statonary, Postage & Ind Exam | 711.96 | 711.96 | 1,238.57 | |||
| Licenses | 773.37 | 773.37 | 649.28 | |||
| Bank Charges | 263.60 | 263.60 | 249.29 | |||
| Trading Expenses C Magazine, etc | 47.00 | 47.00 | 3.00 | |||
| Gifs | 0.00 | 0.00 | 0.00 | |||
| Phone | 776.27 | 776.27 | 506.14 | |||
| Ofce Equipment | 0.00 | 0.00 | 0.00 |
Page 2
| St. Mary Magdalene Parochial Church Council | St. Mary Magdalene Parochial Church Council | St. Mary Magdalene Parochial Church Council | |||
|---|---|---|---|---|---|
| Income and Expenditure for the year ended 31st December | |||||
| Foodbank | 12,000.00 | 12,000.00 | 10,000.00 | ||
| 2,592.60 | 12,000.00 | 14,592.60 | 13,176.03 | ||
| TOTAL EXPENDITURE FOR THE | YEAR | 68,461.68 | 45,023.62 | 113,485.30 | 120,968.02 |
| TOTAL INCOME FOR THE YEAR | 73,698.28 | 56,468.57 | 130,166.85 | 130,247.76 | |
| EXCESS EXPENDITURE OVER INCOME | |||||
| EXCESS INCOME OVER EXPENDITURE | 5,236.60 | 11,444.95 | 16,681.55 | 9,279.74 |
Page 3
St. Mary Magdalene Parochial Church Council Income and Expenditure for the year ended 31st December
| RESTRICTED FUNDS CHURCHYARD FUND Income |
Expenditure | |||
|---|---|---|---|---|
| £ | £ | £ | ||
| Balance at 1st January2024 | 549.57 | |||
| Donatons and Bench fund | 11.70 | |||
| Trust Income-Radford Trust | 30.00 | |||
| Expenditure | 0.00 | |||
| Balance at 31st December2024 | 591.27 | |||
| BELL FUND | ||||
| Balance at 1st January2024 | 8,674.99 | |||
| Donatons, fees & investment | 342.18 | |||
| Fees | ||||
| Expenditure | 456.00 | |||
| Balance at 31st December2024 | 8,561.17 | |||
| CHOIR FUND | ||||
| Balance at 1st January2024 | 8,329.30 | |||
| Donatons, fees & investment | ||||
| Trust income | 596.59 | |||
| Expenditure | 137.00 | |||
| Balance at 31st December2024 | 8,788.89 | |||
| ORGAN FUND | ||||
| Balance at 1st January2024 | 65,005.58 | |||
| Donatons and investment | 3,487.58 | |||
| Fees | ||||
| Expenditure | 139.20 | |||
| Balance at 31st December2024 | 68,353.96 | |||
| FABRIC FUND | ||||
| Balance at 1st January2024 | 4,596.58 | |||
| Receipts & investment | 6,011.55 | |||
| GA Tax Recovered | 0.00 | |||
| Repairs | 880.42 | |||
| Balance at 31st December2024 | 9,727.71 | |||
| CHILDREN & FAMILIES | ||||
| Balance at 1st January2024 | 449.84 | |||
| Receipts | 5,950.01 | |||
| Payments | 2,099.41 | |||
| Balance at 31st December2024 | 4,300.44 | |||
| GROSVENOR HOUSE FUND | ||||
| Balance at 1st January2024 | 33,088.51 | |||
| Receipts & Investment | 1,682.39 | |||
| Payments | 0.00 | |||
| Balance at 31st December2024 | 34,770.90 | |||
| FOODBANK | ||||
| Balance at 1st January2024 | 22,461.64 | |||
| Receipts | 8,017.25 | |||
| Payments | 12,000.00 | |||
| Balance at 31st December2024 | 18,478.89 | |||
| CHARITIES and MISSIONS | ||||
| Balance at 1st January2024 | 0.00 | |||
| Receipts | 658.64 | |||
| Payments | 432.00 | |||
| Balance at 31st December2024 | 226.64 |
Page 3
St. Mary Magdalene Parochial Church Council Income and Expenditure for the year ended 31st December
| PRIEST DISCRETIONARY | |||
|---|---|---|---|
| Balance at 1st January2024 | 381.02 | ||
| Receipts | 336.00 | ||
| Expenditure | 184.00 | ||
| Balance at 31st December2024 | 533.02 | ||
| CHILDREN'S WORKER | |||
| Balance on 1st January 2024 | -6386.52 | ||
| Receipts | 29,344.68 | ||
| Payments | 28,695.59 | ||
| Balance on 31st Dec 2024 | -5,737.43 |
Page 4
St. Mary Magdalene Parochial Church Council Income and Expenditure for the year ended 31st December
| ACCUMULATED FUNDS | 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||||
| Unrestricted | £76,555.23 | 71,318.63 | ||||||
| Restricted: | ||||||||
| Churchyard | 591.27 | 549.57 | ||||||
| Bells | 8,561.17 | 8,674.99 | ||||||
| Choir | 8,788.89 | 8,329.30 | ||||||
| Organ | 68,353.96 | 65,005.58 | ||||||
| Fabric | 9,727.71 | 4,596.58 | ||||||
| Children & Young | 4,300.44 | -5,936.68 | ||||||
| Grosvenor | 34,770.90 | 33,088.51 | ||||||
| Foodbank | 18,478.89 | 22,461.64 | ||||||
| Charites & missions | 226.64 | 0.00 | ||||||
| Priest Disc.Fund | 533.02 | 381.02 | ||||||
| Child. Worker | -5,737.43 | 137,150.51 | ||||||
| 148,595.46 | ||||||||
| Total Funds as at | 225,150.69 | 208,469.14 | ||||||
| 31.12.24 | ||||||||
| CURRENT ASSETS | £ | £ | £ | £ | ||||
| Cash at Bank: | ||||||||
| NatWest:- | ||||||||
| Current Account | 108,202.88 | 83,458.74 | ||||||
| NSI Transfer NatWest | 20,777.87 | |||||||
| CBF Church of England | Investment Fund | 117,413.64 | 111,710.79 | |||||
| Plus unreconciled income | 0.00 | |||||||
| Less unpresented Cheques | -500.83 | -7,513.26 | ||||||
| Pety cash | 35.00 | 35.00 | ||||||
| NET CURRENT ASSETS | 225,150.69 | 208,469.14 |
LIABILITIES
| SUMMARY OF FUNDS AS AT 31st December 2024 | ||
|---|---|---|
| Balance 1st January 2024 | 208,469.14 | |
| Excess Expenditure/Income | ||
| Excess Income/Expenditure | 16681.55 | |
| Balance 31st December 2024 | 225,150.69 |
Page 5
St. Mary Magdalene Parochial Church Council
Notes to the Financial Statement year ended 31[st] December 2024
ACCOUNTING POLICIES
The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCC's and in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements have been prepared under the historical cost convention unless otherwise stated in the relevant notes to these accounts.
Funds :
General funds represent funds of the PCC, which are not subject to any restrictions regarding their use and are available for application to the general purpose of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.
Restricted funds are those donated to the PCC where the donor specifies the use to which the donation must be applied. The use of these funds for other purposes can only be changed by the courts or the Charities Commission.
The accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include accounts for church groups, which owe their affiliation to another body or those which are informal groupings of church members. Neither do they include the accounts of the Magdalene Centre, which is an independent activity operated by a management committee publishing its own accounts.
Income (Incoming Resources):
Collections, gift aid payments and tax recovered under gift aid are recognized only when the income is received. Interest on investments is received gross. Funds raised by individual church members for specific charities are not included unless passed through PCC accounts. For all other fund raising, see individual reports.
Expenditure (Resources Used):
Donations to Missions and Charities. Church Overseas Missions, Overseas Relief charities, Home Missions and Charities, Secular Charities.
Missions & charities £658.64
Foodbank operates as part of the Church Charity by committee including church members. All income is generated by donations from the community under a restricted fund and is administered under the auspices of the PCC.
ASSETS
Consecrated and benefice property is excluded from the accounts by section 96(2)(a) of the Charities act 1993.
No value is placed on moveable church furnishings held by the Churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property.
Fixed Assets:
Magdalene Centre – former Church hall – refurbished 2007 – Cost £128,000
Trust Income:
Under the Charities act 1993 the PCC must disclose all Trusts held on its behalf.
All investments held by Southwell Diocesan Board of Finance for St. Mary’s are endowments. The interest or dividends only is available for PCC use, which is shown as Trust Income in the accounts.
Page 6
There are six Trusts, two of which are restricted. These are the Wright Legacy, which is for the benefit of the Church Choir, and the Radford Trust, which is for the upkeep of the Churchyard and the family graves.
| Trust Statement as of 31st December 2024 | Trust Statement as of 31st December 2024 | Shares | Original Investment |
Value Dec 2024 |
Value Dec 2023 |
|---|---|---|---|---|---|
| Wright (1959) | Restricted | 360 | £250.00 | £8324.17 | £7438.10 |
| Radford (1944) | Restricted | 25 | £25.00 | £578.07 | £516.54 |
| Beecrof | Unrestricted | 314 | £223.18 | £7260.53 | £6487.68 |
| North | Unrestricted | 191 | £1000.00 | £4416.44 | £3946.33 |
| Total in CBF Investment Beeley/Hibbert(1969) |
Unrestricted | £500.00 | £500.00 | £500.00 | |
| In CBF Deposit Account Simpson |
Unrestricted | 24 | £153.90 | £923.47 | £779.76 |
| Total Investments held by the Southwell Diocesan Board of Finance On behalf of St. Mary’s PCC (No update Received 2023) |
£20,002.68 | £19,668.41 |
The CBF Church of England investment Account was created on 1[st] July 2018. At this time 1,870.77 shares were purchased with an initial investment of £66,000. On the 31[st][of] December 2024, the mid-market value of the shares was calculated as £117413.64. The accumulated value of £5702.85 has been assigned proportionally to the following restricted funds: Grosvenor Fund £1682.39, Bell Fund £342.18 Choir Fund £370.70, and Organ Fund £3307.58.
Payments to trustees or persons connected with trustees: Under a power available to charities under the Charities Act 2006, the PCC made payments to 2 persons trustee/connected to, for occasional services rendered at weddings etc. either as Minister, verger, bell ringer or chorister. The total paid to these individuals in the year ended 31[st] December 2024 was £470.00.
Reserves policy:
The PCC resolved to reserve out of unrestricted funds 3 months running costs (£30,000). The remaining unrestricted funds will be spent on meeting the charitable objects of the PCC, these being:
-
Regular public worship for all
-
Teaching of Christianity through sermons, courses, etc.
-
Religious assemblies and activities with schools
-
Promoting the mission of the church through activities for all ages and needs
-
Supporting other charities in the UK and overseas
-
Providing pastoral care through the foodbank to help alleviate poverty mainly, but not exclusively to the Sutton in Ashfield area.
Page 7
Independent examiner's report on the accounts
Independent Examiner’s Report
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|||||
|---|---|---|---|
|Report to the trustees of|The Parochial Church Council of the Ecclesiastical Parish of St.|
|Mary Magdalene, Sutton in Ashfield|
|On accounts for the year|31.12.2024|Charity no|An Excepted|
|ended Set out|(if any)|Charity|
|on pages|
|1 - 8|
|Respective|
|The charity's trustees are responsible for the preparation of the accounts.|
|responsibilities of|
|trustees and|The charity’s trustees consider that an audit is not required for this year|
|examiner|under section 144 of the Charities Act 2011 (the Charities Act) and that an|
|independent examination is needed.|
|It is my responsibility to:|
||examine the accounts under section 145 of the Charities Act,|
||to follow the procedures laid down in the general Directions given by|
|the Charity Commission (under section 145(5)(b) of the Charities Act,|
|and|
||to state whether particular matters have come to my attention.|
|Basis of independent|
|My examination was carried out in accordance with general Directions|
|examiner’s statement|
|given by the Charity Commission. An examination includes a review of the|
|accounting records kept by the charity and a comparison of the accounts|
|presented with those records. It also includes consideration of any unusual|
|items or disclosures in the accounts, and seeking explanations from the|
|trustees concerning any such matters. The procedures undertaken do not|
|provide all the evidence that would be required in an audit, and|
|consequently no opinion is given as to whether the accounts present a ‘true|
|and fair’ view and the report is limited to those matters set out in the|
|statement below.|
|Independent|
|In connection with my examination, no material matters have come to my|
|examiner's statement|
|attention which gives me cause to believe that in, any material respect:|
||accounting records were not kept in accordance with section 130|
|of the Charities Act or|
||the accounts do not accord with the accounting records|
|I have come across no other matters in connection with the examination to|
|which attention should be drawn in order to enable a proper understanding|
|of the accounts to be reached.|
|Signed:|J Box|Date:|04.02.2025|
|Po|[|
|Name:|Jacob Box (DipAF)|
|Ce|
|Relevant professional|DipAF|
|qualification(s) or body|
|Address:|4 Sunningdale Close, Kirkby In Ashfield, Nottinghamshire, NG17 8NW|
|Cs|
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Accounts and reports prepared by Mrs Barbara Minett, Treasurer Independent ExamSnerfs Report to the Parochlal Churth Coundl of St Mary Magdalene Independent Assessorfs Staternent See Attached Docurnent Approved by St. Mary Magdalene Parochial (hurth Council on pr . 518ned on its behalf by: 2025 Chairnw. P*Je 8